Webinar: Opening Minor Accounts: Ownership, Access & Multi-Party

Start: 3:00 pm
End: 4:30 pm
Event Days: 03/28/2013 - 03/28/2013

Misconceptions about minor accounts may cause confusion and unequal treatment, even from branch to branch. Although account ownership is dictated by state law, some common areas should be understood by all credit unions that offer accounts to minors. From membership to CIP to disbursement on minor accounts, this webinar will cover all the potential pitfalls and offer valuable solutions.

About This Session:

This webinar will cover the following topics:

  • How can minors qualify for membership?
  • CIP: Member identification for minors
  • Types of minor accounts: individual, joint, in trust for, UTMA, Coverdell ESAs, etc.
  • Minors and representative payee accounts
  • Who can transact on minor accounts?
  • Share insurance requirements when minors are owners, co-owners, or beneficiaries
  • What happens when a minor dies?
  • Dealing with minors as account beneficiaries

Who Should Participate: New account reps, membership officers, frontline staff, compliance specialists and those handling decedent accounts

About the Presenter:

Mary-Lou Heighes, CUCE, Compliance Plus, Inc.

Compliance Plus, Inc. President/Founder Mary-Lou Heighes has been involved in the credit union movement since 1989, including five years working in credit unions and seven years with the California Credit Union League, where she provided compliance assistance and advised credit unions of regulatory changes. Since founding Compliance Plus, Inc. in 2000, Heighes has helped credit unions nationwide develop compliance programs and has delivered training and webinars throughout the country. She has also authored articles for Credit Union Magazine.